A certain sum is invested at simple interest at 18% p.a. for two years instead of investing at 12% p.a. for the same time period. Therefore the interest received is more by Rs. 840. Find the sum ?
Correct Answer: Rs. 7000
Explanation:
Let the sum be Rs. S.
(S x 18 x 2)/100 - (S x 12 x 2)/100 = 840 => 36S/100 - 24S/100 = 840
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